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147- 024211
RENEGOTIABLE RATy RIDER
THIS RENEGOTIABLE RATE RIDER is mada this 3P~ day of
MARCH , 1981, and is incorporated into aad s~ia~l be
seme to amend ad supplement a mortqaqa (herain "securit~-~
instrumant") dated of even date herewith, qiven_by the
uudersiqaed (herein "Borrower") to secura 8orrowar's Yote to
Heritaqe Federal Sav~'tnqs and Loan Associatioa (herein "Lender")
and coveriaq the property dascribed in said mortqaqe and
located at- LOT 4 DEL~kG ST,, PORT ST. LUCIF FL 33452
(property a ess .
RENEGOTIABLE RATE COVENANTS. In addition to the covenants
and agresments made in the security instrument, 3orrower and
Lender further covenant and aqree as follows:
A.. TERMS OF NOTE AND ~iORTGAGE. Borrower and Lender
acknawl.edqe that the security instrument shall be deemed a
Reneqotiable ~tate Liortqaqe ("RRN:" ). The term of the RR.H
loair is 3_. year9 , and t2:e tera of the mortqaqe securi.zq
said loan is 30 years. Borrower and Lender agres that
the initial loan ter.a may be up to six ( 6) months Ionger
than later te..*~ms .
8, NOTE AOTOMATICALLY RENEWABLE. 3orrower and Lender
aqree that the Prvmissory Note ("Vote") secured by the
mortqaqe iastrumeat is automatically renewable for a aer~od
equal to the term of the mortqaqe instrument tup to 30
years). The interest rate may increase or decrease at each
renewaZ of the short-term ( 3 years) loan, which may
res~rl.t i.a an increase or- decrease in the amount of the
monthly payment due under the ~tote.
C. MODIFICATIONS AT ~vEWAL.. Lender aqress t~at the
only provision of said note which ~ay be Qodified at renewal
is the contract interest rate set fcrth therein, toqether '
with any chanqe in the amount of the monthly installmeats o~
orincipal and interest necessary to amortize a loaa with the same
principal a.ad at the same i.nterest rate over the remaininq ter.n
of this mortqaqe. Borrower and Lender aqres that the interest
r3ta oifered at renewal shall be based upon a~onthly index
rate computed by the Federal Home Loan Sank Board, as set
fcrth in the Vote. Interest rate decreases and increases
are mandatory and are not discretionary or op onal with the
Lender.
D. BORR4WER'S RI~ OF REFUSAL. Borrower and Lender
acknowledqe that Borrowe= has the riqht to decline Lender's
offer of renewal, i.n ~hich case the remaininq balance of the
unpaid principal and interest secured by the mor±qage becomes
due and payable upon the naturity day of the Initial Loan
Term, or any Renewal Loan Tezm, as the case nay be.
~.. NOTICE. At least ninety t90) days before the end
of the Znitial Loan Ter.a and any Renewal Lcaa Terms, excect
for the final Renewal Loan Ter.a, the Lender nust send to the
Borrower a zenewal notice which states, amonq ot~er thinqs,
the renewal interest rate and new monthly instalL3ent for
the aext Renewal Loan Tera.
F. PREPAYI~NT. The uapaid priacipal balance secured
by the security iz~strument ~ay be p=epaid in full or in part
•~ithout ~enalty at any time.
G. REMED~S. If Borrower br~aches Borrower's covenants
and aqreements heseunder, t'~en Lender may invoke any remedies
provided undar the secu~ity inst..~uap~t, includinq, but not
limi.ted to, those provided under Uni~or.a Covenant 7.
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